2023-11-10 22:00
SAN FRANCISCO, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday said the U.S. government had seen evidence that Chinese firms may be aiding in the flow of equipment to Russia's war effort despite Western sanctions, and said she had urged China to crack down. Yellen said she raised the issue during two days of meetings with Chinese Vice Premier He Lifeng, expressing concern that equipment "helpful to Russia's military" was evading sanctions and getting to Moscow to aid its war against Ukraine. "I stressed that companies must not provide material support to Russia's defense industrial sector and that they will face significant consequences if they do," Yellen told reporters at a news conference in San Francisco. "We are determined to do all that we can to stem this flow of material that aids Russia in conducting this brutal and illegal war," Yellen said, warning that any companies aiding Moscow's war effort could face sanctions. She said the U.S. government had already imposed sanctions against a number of private firms, including some in China, that were helping Russia get equipment, along with some financial institutions that could be aiding that effort. "We would like to see China crack down on this, especially when we're able to provide information," she said. She gave no further details on the names of the companies involved or He's reaction. Yellen stressed the Chinese firms in question were private and said she was not suggesting that this was occurring with knowledge of the Chinese government. https://www.reuters.com/business/yellen-warns-beijing-chinese-firms-aiding-russia-face-significant-consequences-2023-11-10/
2023-11-10 21:57
SAO PAULO, Nov 10 (Reuters) - Brazilian cotton producers took the natural fiber to the runway on Thursday night, strutting the catwalk of Sao Paulo Fashion Week (SPFW) in celebration of the 150th anniversary of jeans. The fashion show, organized by the Sou de Algodao movement, showcased models wearing 40 outfits made from denim, the cotton-based material now synonymous with jeans. Paulo Martinez, a Brazilian fashion icon who styled the show, pointed out that Brazilian cotton is "indispensable" in the manufacturing of the denim garments. Brazil is just 400,000 bales away from overtaking the United States as the largest global cotton exporter in the 2023/24 harvest, according to USDA data, and will finish this season as the third-largest global producer, behind China and India. More important than the race to come out on top is to show the industry and consumers the quality of Brazil's product, said the president of the Brazilian Cotton Producers Association (Abrapa), Alexandre Schenkel. The country tracks more than 80% of its production based on environmental and social criteria with the ABR certification, which includes a QR code on the clothing label of some national brands, allowing the cotton to be traced to its farm of origin. For Schenkel, the runway showcased the fruits of designers' labor. "It was their harvest," he said. "And everyone in the cotton chain is celebrating something I like - jeans. Who doesn't have a piece of denim in their closet?" https://www.reuters.com/lifestyle/brazilian-cotton-hits-runway-sao-paulo-fashion-week-2023-11-10/
2023-11-10 21:31
TSX closes 0.3% higher Energy shares gain Constellation Software hits record high after results Nov 10 (Reuters) - Canada's main stock index reversed course to close higher on Friday, helped by a boost in energy stocks as oil prices gained. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) closed up 67.06 points, or 0.34%, at 19,654.47. Still, the index closed lower for the week after posting the biggest weekly jump since April 2020 in the previous week. The energy (.SPTTEN) sector ended up 1.7% after the price of oil gained about 2% as Iraq voiced support for OPEC+'s oil cuts ahead of a meeting in two weeks. "Oil was having a nice bounce today. It has clearly been under pressure for the last week ... that has got all the big cap energy stocks up," said Mike Archibald, a portfolio manager at AGF Investments. Technology stocks (.SPTTTK) were also among the big gainers, up 1.9%, as Constellation Software (CSU.TO) shares rose 3.7% to hit a record high following upbeat results and Shopify (SHOP.TO) added 1.6%. "Technology names in the U.S. and in Canada are breaking out again here and certainly look like potential for market leadership going forward," Archibald said. The materials sector (.GSPTTMT), which includes precious and base metals miners and fertilizer companies, slipped 0.7%, as prices of most nonferrous metals fell after hawkish comments by the U.S. Federal Reserve Chair Jerome Powell signaled chances of another rate hike. A 3.3% decline in First Quantum (FM.TO) shares also weighed on the materials index. Chinese copper miner Jiangxi Copper (600362.SS) has increased its stake in the Canadian miner to 18.5% from 18.3%. Altus Group (AIF.TO) tumbled 21.8% to the bottom of the TSX, after the real estate fund intelligence provider reported lower-than-expected third-quarter results. That dragged the broader real estate (.GSPTTRE) index down 0.6%. Quebecor (QBRb.TO) led gains on the capped communication services index with a 2.5% rise, after the telecom firm posted a rise in third-quarter profit. https://www.reuters.com/markets/tsx-futures-slip-hawkish-fed-remarks-lower-metal-prices-2023-11-10/
2023-11-10 21:11
COJATA, Bolivia, Nov 10 (Reuters) - The exposed cracked floors of parts of Lake Titicaca, South America's largest body of fresh water and the highest navigable lake in the world nestled amid the Andes mountains, are an alarming sight for local farmer Manuel Flores. His crops are parched, nearby water wells have dried up amid a long spell of drought, and his livestock are struggling. Like many who live on or around the lake, he used to get around easily by boat. Now he walks across the dried-up lake bed. The lake, once seen as a deity by the pre-Columbian people that lived on its shores, is an important ecosystem for wildlife and a water source for millions of people, including in the city of El Alto, some 40 kilometers (25 miles) to the east. But its water levels are now reaching record lows, worsened by the El Nino weather phenomenon that means less rain in the area, compounding a long dry spell and rare high temperatures. Scientists say such extreme weather is becoming increasingly common globally because of climate change, which also intensifies the effects of El Nino. "I am 50 years old. Never before has Lake Titicaca dried up like it is now. This affects us, because there is no more food for our livestock and we cannot travel by boat," said farmer Flores. "Now we have to walk and our crops no longer exist because it hasn't rained since last year." The drought is approaching critical levels for the region's agriculture, farmers and experts said. If it does not rain by early December there will be no planting of potatoes, one of the food staples for Bolivia's rural communities and cities. Around the lake, especially in the smaller and shallower "Lago Menor," the waters have receded from the shoreline, partly due to the lack of rains, high temperatures and receding of the Andean glaciers, whose melt water normally feeds the lake. Experts say many of the factors contributing to the shrinking of Lake Titicaca could be linked to climate change. "Ninety-five percent of the water loss from the lake is due to evaporation, which shows that this is totally or almost totally caused by climate change," said Xavier Lazzaro, an aquatic systems specialist with French research institute IRD. 'GOING DOWN CENTIMETER BY CENTIMETER' According to MapBiomas Agua, which has monitored changes in surface water bodies in the area for two decades, Bolivia overall has seen a 39% drop in its natural surface waters, such as rivers and lagoons, between 1985 and 2022. The decline comes with global temperatures hitting record highs, which has impacted rivers, lakes and glaciers from the United States to Asia. "There are many factors, many causes," said Rodney Camargo, an official at local NGO Friends of Nature Foundation (FAN). "On one hand we have local causes that we know about: deforestation, fires, human activity, large dams, which have an effect. In global terms we have climate change, and phenomena such as El Nino and La Nina, which cause floods and droughts." Back at Lake Titicaca, Fredy Aruquipa, the person in charge of monitoring the lake's water level, watches it decline daily. "The water is going down centimeter by centimeter," he said. https://www.reuters.com/world/americas/south-americas-andes-shrinking-lake-titicaca-rings-climate-alarm-bell-2023-11-10/
2023-11-10 20:08
Gold down nearly 3% so far this week Palladium hits lowest level since 2018 Dollar, Treasury yields eye weekly gains Nov 10 (Reuters) - Gold fell more than 1% on Friday and was headed for a second straight weekly decline as safe-haven demand eased while the hawkish stance from Federal Reserve Chair Jerome Powell added to the downside. Palladium tumbled to five-year lows below $1,000 an ounce, hastening a retreat triggered by expectations of surpluses due to the rapid spread of electric vehicles and automakers choosing cheaper platinum for their autocatalysts. Spot gold dipped 1.1% to $1,936.09 per ounce by 2:38 p.m. ET (1938 GMT) and was down 2.8% in its worst week in six. U.S. gold futures settled down 1.6% at $1,937.70. Silver fell 1.8% to $22.21. "A hawkish Powell is the main reason for gold's weakness this week. It is also undermined by investor risk appetite improving over the last few weeks," said Fawad Razaqzada, market analyst at City Index. Bullion has lost around $70 since hitting levels above $2,000 last week on escalating tensions in the Middle East. U.S. Federal Reserve officials, including Powell, said on Thursday they are still not sure that interest rates are high enough to finish the battle with inflation. Benchmark 10-year U.S. Treasury yield and the dollar index (.DXY) headed for weekly gains, making non-yielding gold less attractive for investors. "Gold will continue to trade sideways to lower in the near term unless we see an escalation in geopolitical events, weak U.S. economic report or if the Fed suggests it is done raising rates," said Jim Wyckoff, senior analyst at Kitco Metals. A major festival boosted demand for physical gold in India, but purchases were reported to be slightly lower compared with last year as higher prices put off some customers. Platinum shed 2% to $842.34, on track for its worst week since mid-2021. Palladium slipped 2.8% to $964.25. Both metals are used by car makers in devices to reduce engine emissions. https://www.reuters.com/markets/commodities/powells-hawkish-remarks-pushes-gold-lower-palladium-slumps-2023-11-10/
2023-11-10 19:52
ABUJA, Nov 10 (Reuters) - Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria's oil refineries and provide financial support to sustain the government's foreign-exchange reforms. The agreements were reached at a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman on the sidelines of the Saudi-Africa summit in Riyadh. Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and unifying the country's multiple exchange rates as part of measures "aimed at improving the ease of doing business." But liquidity has yet to return to the official currency market with the naira quoted at a premium on the parallel market. Information Minister Mohammed Idris said the Saudi government pledged to make "a substantial deposit of foreign exchange to boost Nigeria's forex liquidity". In addition, the Saudi government, through Saudi Aramco (2223.SE), will invest in the revamp of Nigeria's four decrepit state refineries which is expected to be completed within two- to-three years, Idris said. Nigeria is seeking more investments to revive an economy plagued by foreign-currency shortages, double-digit inflation, widespread insecurity and theft of crude oil, its key export. Africa's top oil exporter has made producing its fuels a priority for years but efforts to revamp its refineries have failed, leaving it reliant on imports. Tinubu also assured potential Saudi Arabian investors of the safety of their investments in Africa's largest economy, as he sought to strengthen ties between the two countries, his spokesperson said earlier on Friday. Tinubu, who was speaking at the Saudi-Africa summit in Riyadh, promised investors "some of the world's highest returns on investment," spokesperson Ajuri Ngelale said. He also called for collaboration to combat Islamist insurgents, including Boko Haram, and other security challenges across Africa's most populous nation. "Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation has witnessed diversification to cover a number of areas of common interest," Tinubu was quoted by his spokesperson as saying. The two countries on Thursday signed a memorandum of understanding for cooperation in the oil and gas industry, further deepening economic ties between them. The two leaders agreed to work together over the next six months to "develop a comprehensive road map and blueprint" to deliver on the investments, Idris said. https://www.reuters.com/world/africa/nigeria-gets-refineries-investment-forex-pledge-saudi-arabia-2023-11-10/
